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AFRICAN EAGLE COMPLETES PLACING

News Report
24 February 2006

African Eagle (Ticker: AFE, "the Company") announces that it has completed a placing of 5,429,861 shares at a price of 17p per share, raising circa £0.9 million in working capital.

These allotments bring the total number of shares in issue to 118,565,722. The Company has made application for the new shares to be admitted to trading on AIM.

John Park
Chairman
African Eagle Resources plc